U.S. short seller Hindenburg Research said on Friday Block Inc's response to its allegations confirmed it had reported inflated user counts on its Cash App to investors for years.
The logo of Cash App is seen at the main hall during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco Belloresponse to its allegations confirmed it had reported inflated user counts on its Cash App to investors for years.on Thursday that 44 million of its more than 51 million monthly active customers on Cash App were verified through its identity program as of Dec. 31.
"Block's newly reported internal estimates also show that its previously reported 51 million monthly transacting actives as of December 2022 represented a 16%-31% inflation of its actual estimated internal user counts," Hindenburg said in a
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